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their plan called for the deficit $819 billion in 2013. what was the deficit for 2013? >> $680 billion. >> well, that is much less than what simpson bowles projected sit not? >> it is. >> so last year, 2013, president obama exceeded the deficit reduction goal of simpson bowles of $139 billion. am i correct? >> yes, sir. >> yes, sir i would have to look at what numbers they have at what years. >> do you know what the number will be? >> it is 2016 and it will be 531. gee have to look at these numbers. give the president and this administration some credit. i have been pretty tough on them. give them some cd. they did something else. they did something that bass wa positionti positive. but you are never going to give any credit to anybody except the pat on the back at the christmas party. superintendant th isn't that wonderful? >> does this plan raise the age for social security? >> no, sir. >> does it change the measure of inflation for social security? >> so this administration has managed to reduce the deficit in 2013 below bowles simpson to social security. >> so now w
their plan called for the deficit $819 billion in 2013. what was the deficit for 2013? >> $680 billion. >> well, that is much less than what simpson bowles projected sit not? >> it is. >> so last year, 2013, president obama exceeded the deficit reduction goal of simpson bowles of $139 billion. am i correct? >> yes, sir. >> yes, sir i would have to look at what numbers they have at what years. >> do you know what the number will be? >> it is 2016...
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Mar 6, 2014
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let's consider the deficit reduction that has occurred since the high deficit watermark achieved in the school year 2009. from the deficit of over $1.4 trillion in net year the deficit fell to a still high $680 billion in fiscal year 2013. of the $736 billion in deficit reduction, $670 billion came from increased revenue and only $66 million came from reduced outlays so in terms of budget realizations rather than promises for the future less than 9% of the deficit reduction between 2009 and 2013 came from reductions in spending. the vast majority came from increased revenue yet remarkably in the face of that history the administration's insatiable desire for higher taxes leads it to propose more tax hikes along with even more spending. put simply the tax hikes envisioned in the president's budget are not what our struggling economy needs. unfortunately while having pledged to focus like a laser on jobs this administration decided over the last five years to focus on expanding government with a failed stimulus, the affordable care act and initiatives like the dodd-frank act that is growi
let's consider the deficit reduction that has occurred since the high deficit watermark achieved in the school year 2009. from the deficit of over $1.4 trillion in net year the deficit fell to a still high $680 billion in fiscal year 2013. of the $736 billion in deficit reduction, $670 billion came from increased revenue and only $66 million came from reduced outlays so in terms of budget realizations rather than promises for the future less than 9% of the deficit reduction between 2009 and...
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Mar 6, 2014
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the deficits in terms of our infrastructure. thank you for giving me the opportunity. >> thank you for your answer and i wanted my remaining time to change subjects and go to energy we know that the fossil fuel industry has had a pretty good run things. we continue to leverage billions of dollars in subsidies, special limited partnerships only available to energy projects in depreciation rules in the field seems to be permanently tifton favor of fossil fuels while we continue to pay lip service to the need for lean energy and yet the comparatively meager -- are always temporary and we are is fighting for them. in fact we just lost a bunch of tax credits from last year. i want to ask what this budget does to give meaning to our rhetoric about the meaning to give energy a fighting chance. we know we need to get serious about it in this country. >> we see in the presence budget number of investments in terms of renewables in new energy. you see the investments in r&d in different forms throughout throughout the energy budget as wel
the deficits in terms of our infrastructure. thank you for giving me the opportunity. >> thank you for your answer and i wanted my remaining time to change subjects and go to energy we know that the fossil fuel industry has had a pretty good run things. we continue to leverage billions of dollars in subsidies, special limited partnerships only available to energy projects in depreciation rules in the field seems to be permanently tifton favor of fossil fuels while we continue to pay lip...
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Feb 27, 2014
02/14
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if that retains what would happen with the $17 trillion deficit? stuart: we have asked you this before. what are we going to do? you told us you are out there, we want to bring people together. not looking for a radical opposite to what is going on. you want to bring people together to find solutions and i know you have been out there looking. do you think it is possible to establish a consensus? is it possible to bring people together over a course of action that will take us in a different direction in the future? >> it is very possible. we need to start talking. never have a conversation with your adversary because that humanizes them and your job is to demonize the. we see a lot of that going on. that is not what we want. in the pre revolutionary days of america people need to get together with their friends and family and talk about what kind of america do you want to have? talk about who your representatives are and how did they vote. not how they said they voted but how did they vote. you need to know that because you need to talk to your 87
if that retains what would happen with the $17 trillion deficit? stuart: we have asked you this before. what are we going to do? you told us you are out there, we want to bring people together. not looking for a radical opposite to what is going on. you want to bring people together to find solutions and i know you have been out there looking. do you think it is possible to establish a consensus? is it possible to bring people together over a course of action that will take us in a different...
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Feb 26, 2014
02/14
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there were not enough foreign reserves to handle the money leaving to finance the deficits. key point i would emphasize is let's go back to 300% of the total capital exposed to latin america. today when i do the analysis, all of the developed market angst have about 70% of their capital exposed to the emerging markets overall. the short answer is we just don't see a banking crisis contagion risk from the emerging markets right now. >> alex, thank you for joining us today. friedman, cio, from ubs wealth management live from zÜrich. >> we are getting numbers from the dutch nutrition business. fourth-quarter revenue coming in a touch billion euros, ahead of the estimate of 2.35 billion. , 316 million euros in the third quarter also just ahead of estimates. these are the final results and they are increasing their dividend repeating the aim to offset negative currency impact, something that they warned about back in january. it is something of a move downwards in the share price. lots of focus on the business they are trying to develop down to emerging markets and we will ask h
there were not enough foreign reserves to handle the money leaving to finance the deficits. key point i would emphasize is let's go back to 300% of the total capital exposed to latin america. today when i do the analysis, all of the developed market angst have about 70% of their capital exposed to the emerging markets overall. the short answer is we just don't see a banking crisis contagion risk from the emerging markets right now. >> alex, thank you for joining us today. friedman, cio,...
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the deficit is a problem, no question about it. we've made good progress on the deficit. i would posit the number one problem facing america is the decline of middle class incomes. it affects our economy in so many ways. it affects our politics. it affects our whole way of being as americans. doing the kinds of things you have done in the budget, both in terms of tax, such as the earned american opportunity tax credit, the provision that i helped author and worked with you to extend, making it permanent is great. the child tax credit and on the spending side i know is not your department, but doing investments and infrastructure and education and research. those are the ways to get the middle class moving again and have my highest priority. i have a couple of questions here on specifics. the first is on the as pire act. i know the chairman mentioned it in his opening remarks. it's so important because one of the greatest block is savings and assets to many americans. 19 appearance of new york households and 31 appearance of households nationwide have no savings account. t
the deficit is a problem, no question about it. we've made good progress on the deficit. i would posit the number one problem facing america is the decline of middle class incomes. it affects our economy in so many ways. it affects our politics. it affects our whole way of being as americans. doing the kinds of things you have done in the budget, both in terms of tax, such as the earned american opportunity tax credit, the provision that i helped author and worked with you to extend, making it...
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what is the deficit number in this proposal and define the two. >> guest: deficits are how much the government spends minus how much they raise in revenue. and they are measured in percentage of economy activity. it is around 4% and coming down fast. i think it is estimated to end around 3% and in the 2's next year so that is a big decline from 2010 where it was 10%. so that is progress. as long as the economy is growing faster than 2%, it will be a decline. every year you spend more than you have, and borrow money and that adds to the debts. so they would come down to a 1.6% gdp. the president will raise taxes on a trillion dollars mainly on wealthy people but some middle class as well. it would probably work. but it is a huge controversy from the taxes. ... thank you for taking my call. independent because most of us americans have caught onto the big blame game. , andeach blame each other basically they are on the same team. they have different ways to go about it. my main problem is the epa. we are giving him close to $8 million, and it'll do nothing for us. they let the fracking industry
what is the deficit number in this proposal and define the two. >> guest: deficits are how much the government spends minus how much they raise in revenue. and they are measured in percentage of economy activity. it is around 4% and coming down fast. i think it is estimated to end around 3% and in the 2's next year so that is a big decline from 2010 where it was 10%. so that is progress. as long as the economy is growing faster than 2%, it will be a decline. every year you spend more than...
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Feb 27, 2014
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we have punted on the ultimate issues which are driving the deficit with $17 trillion in debt. that is a failure on the democratic side and i am a democrat. they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that we have moved from washington being net negative on the economic recovery, maybe the neutral. that can be a positive aspect. a number of members will press on when we will see some additional relaxation and quantitative easing. >> is that what you're going to ask? are those the questions you'll ask? >> by the time they get down to me, i'm sure that they will be asked. one of the areas that i want to highlight is one of the coming fiscal crisis that we have to get ahead of her. we have now had a true billion dollars in student debt that exceeds credit card debt. we are starting to see the price dimini
we have punted on the ultimate issues which are driving the deficit with $17 trillion in debt. that is a failure on the democratic side and i am a democrat. they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that...
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Mar 3, 2014
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>> the difficulty that the russian budget is experiencing is that they are having an expanding deficit at $110 a barrel. if we go back several years, they're doing rather well balancing the budget at $60 a barrel. every single increased difficulty in funding export into what is the kremlin our needs and that is a full flow of finance. >> how much substitution can there be? are there ways around the situation? >> no. the energy crisis in the ukraine will become acute and quickly. , thered no difficulty was an arrangement that had been set up between ukraine and russian gas prom -- and russian azprom. there were supposed to be an extension of credit. all of that is over. it is back to cash on the barrel head and ukraine cannot afford to buy natural gas. an lngalking about terminal outside of odessa, but that will not particularly help. one problem people have not really looked at yet is the ukrainians, like a number of people in europe, have been relying on toward coal to offset the natural gas pricing situation. there are some reverberations this morning from the netscape onetsk. intern
>> the difficulty that the russian budget is experiencing is that they are having an expanding deficit at $110 a barrel. if we go back several years, they're doing rather well balancing the budget at $60 a barrel. every single increased difficulty in funding export into what is the kremlin our needs and that is a full flow of finance. >> how much substitution can there be? are there ways around the situation? >> no. the energy crisis in the ukraine will become acute and...
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that might prevent your central bank from easing policy, whether you're you've got a current account deficit, whether you are on the production side of commodities or the consumption side of commodities. clearly there are some particularly hard-hit emerging markets leaving the ukraine aside for a moment. you've got the now so-called fragile five, brazil, india, indonesia, south africa and turkey. and those are some of the most beleaguered areas. but there are also going to be some winners. we have a fairly optimistic view on china which is by far the biggest within the emerging markets sphere. >> wish we had more time to explore that with you. liz ann, always a pleasure talking to you. thanks so much. >> thanks for having me. >> liz ann saunders, chief investment strategist at charles schwab. >>> if you're wondering which well-known u.s. companies have some of the biggest exposure, among them are general motors. it makes about 100,000 cars a year at a plant near st. petersburg and it's hoping to expand operations next year. ford operates three plants with a russian automaker. exxon mobile fo
that might prevent your central bank from easing policy, whether you're you've got a current account deficit, whether you are on the production side of commodities or the consumption side of commodities. clearly there are some particularly hard-hit emerging markets leaving the ukraine aside for a moment. you've got the now so-called fragile five, brazil, india, indonesia, south africa and turkey. and those are some of the most beleaguered areas. but there are also going to be some winners. we...
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also adds that billions of dollars to our deficit every year. insteadrats, we believe of more tax breaks for the few, we should make investments to grow the economy for everyone. that's what we believe. [applause] opportunity for all means guaranteeing every young person access to a world-class education. [applause] ago, justfour years an example, four years ago we took on the student loan system that gave billions of taxpayer dollars to big banks as part of the student loan system, even as there were young people out there who were not getting the help they need it to go to school. so we use the savings to help more students afford college. today, more young people are earning college degrees than ever before. you would think republicans would say, you know what, that's a good idea. good for you, mr. president. [laughter] bno, the republicans still want to return that money to the banks. as democrats, we are fighting to make sure that more americans can afford higher education, whether it is technical training, community colleges, four-year uni
also adds that billions of dollars to our deficit every year. insteadrats, we believe of more tax breaks for the few, we should make investments to grow the economy for everyone. that's what we believe. [applause] opportunity for all means guaranteeing every young person access to a world-class education. [applause] ago, justfour years an example, four years ago we took on the student loan system that gave billions of taxpayer dollars to big banks as part of the student loan system, even as...
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. >> defense is going down because the defect -- deficit. >> what you are asking for is very reasonable in terms of this and 56nal $26 billion billion dollars overall for defense and nondefense. forill be given the pay from the administration the next few weeks. many of us have them that are perfectly reasonable. we pay for what we need to do as a country including closing some of these loopholes which are egregious. these offshore tax loopholes, that allow the most profitable corporations in the world to avoid paying taxes by shifting their intellectual property to tax havens. the loopholes that allow the hedge fund managers to be paying half of the tax rate that people who work for them pay. there are some unjustified tax loopholes in this tax code which we should close even if we had no deficit. given the fact we have real needs including security needs, which we much fun -- must fund adequately, there are places we can fund it. $26 billion for defense and 56 billion dollars overall so i hope we take the leap the administration has given us on this budget and fund the full 56 billion
. >> defense is going down because the defect -- deficit. >> what you are asking for is very reasonable in terms of this and 56nal $26 billion billion dollars overall for defense and nondefense. forill be given the pay from the administration the next few weeks. many of us have them that are perfectly reasonable. we pay for what we need to do as a country including closing some of these loopholes which are egregious. these offshore tax loopholes, that allow the most profitable...
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to consume, but we don't have enough import to fund our consumption or enough saving to support our deficit. what are we going to do if china changes and we don't. >> but i gather that you think they're on the ascendency and we are clearly on the decline. that is the -- i will say, that was my takeaway. >> they are rebalancing their model to keep the growth and development story going and that will certainly take them to a larger scale of their economy than ours, at some point in the next five to ten years. >> gdp. >> their per capta gdp, joe, is going to be increasing, but at a much slower pace. for a long time. >> multiplied out and that's why it's bigger. >> for a long time. are we on the decline? that's the big debate in america. we continue to undersave, underinvest in people, infrastructure, and capacity. and if we don't get that together, then their ascendency will coincide with our decline. >> we've had periods like this before. >> yeah. >> i mean, you're optimistic we get it together or do you think we're the roman empire? >> no, look, i hope we get it together. what i don't see is
to consume, but we don't have enough import to fund our consumption or enough saving to support our deficit. what are we going to do if china changes and we don't. >> but i gather that you think they're on the ascendency and we are clearly on the decline. that is the -- i will say, that was my takeaway. >> they are rebalancing their model to keep the growth and development story going and that will certainly take them to a larger scale of their economy than ours, at some point in...
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the administration has changed the map on that to make sure that it does not run at a deficit. insurance companies could get hit by this. they say that the change could result in higher premiums. back to you. cheryl: the health care battle. your freedom could be at risk. you say that because of all the changes for obama care, the country is in danger. >> you said openly i can do this with a pen and a phone. meaning he can write and executive orders. we essentially have slid -- the constitution is meaningless in this man's mind. he does not pay any attention to it. he has changed obamacare as a law. whether you agree with it or not, it is a law. he has changed it 38 times. you cannot just stage a law by fiat. oh, i do not like the law i will rewrite it. that is what he is doing. that you cannot do. that is against the constitution. they do not stand up to him or say anything about it. they finally go about it in order to do this. they are just as guilty. the congress says we do not know what this is. the intent of the law is xy or z. then the agency turns around and make their o
the administration has changed the map on that to make sure that it does not run at a deficit. insurance companies could get hit by this. they say that the change could result in higher premiums. back to you. cheryl: the health care battle. your freedom could be at risk. you say that because of all the changes for obama care, the country is in danger. >> you said openly i can do this with a pen and a phone. meaning he can write and executive orders. we essentially have slid -- the...
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Mar 4, 2014
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and results in a very large balance of payments deficit. these have to be fixed. they are fixable. that is the first order of business. >> imf headlines? >> this is from the u.s. treasury, announcing their assistance plans, the $1 billion loan guarantee is planned and they plan to send technical advisers to the ukraine, saying the treasury will be at the center of international aid and the plan will live to the russian tree move. >> would you presume that the imf is speaking with russia? ofis there a lack communication there? >> certainly, they are members and are represented at the executive board my and executive director. i am sure that there is communication. but the important point here is the technical analysis of what is needed to put ukrainian economic policy in a sustainable and positive mode. then to arrange the financing necessary to make the implementation practical. you so much.k greatly appreciate that from our washington news bureau this morning. really talking about the clamps that have to be placed down in the process. >> w
and results in a very large balance of payments deficit. these have to be fixed. they are fixable. that is the first order of business. >> imf headlines? >> this is from the u.s. treasury, announcing their assistance plans, the $1 billion loan guarantee is planned and they plan to send technical advisers to the ukraine, saying the treasury will be at the center of international aid and the plan will live to the russian tree move. >> would you presume that the imf is speaking...
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help drop the deficit sharply. that will end the corrupt subsidies to the coal and gas sector. >> where does this leave the eu? this is a country that if it were to become part of the eu would be bringing on a whole a lot of problems. it is effectively another grease type situation in terms of being in debt. eu'soes that leave the feeling toward ukraine knowing if they were to welcome them in, they would be taking on most -- a host of economic problems. ? one of the wings to bear in mind -- one of the things to bear in mind is that the ukraine is split between the east and west. many people in the west are pro-europe and those in the east are more pro-russia. i think we will have to wait to see what happens with the new government and whether they can forge a national unity before we can start talking about what this will mean for europe. >> thank you very much for joining us and we will continue checking in throughout the day. x and the senior fellow at the peterson institute in washington, d.c. you are looking at
help drop the deficit sharply. that will end the corrupt subsidies to the coal and gas sector. >> where does this leave the eu? this is a country that if it were to become part of the eu would be bringing on a whole a lot of problems. it is effectively another grease type situation in terms of being in debt. eu'soes that leave the feeling toward ukraine knowing if they were to welcome them in, they would be taking on most -- a host of economic problems. ? one of the wings to bear in mind...
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well of course there are broad reforms that are needed but right now the ukraine is running a budget deficit of about 8% of gdp of and energy subsidy program, that costs about 8% of gdp and has to be paid for in hard currency for imported energy and current account deficit of about 8% of gdp. they're virtually out of international reserves and have big foreign debts. something has to be done in a hurry because that is simply unsustainable. so we have -- cheryl: john, this is the no the first time that the imf has loaned ukraine money. and i'm curious if you think any of these loans in the past 20 years have been successful? in mid '90s, 3 1/2 approximately. 2.2 billion in '98. 16.4 in 2008 went to ukraine. have any of these programs been successful? >> the most recent programs haven't actually been completed exactly because ukrainian authorities didn't implement the promised and agreed reforms. and as a result the, those operations were suspended and ukraine didn't receive the fund. of course there will be very specific agreements in an imf accord but ukrainian policy changes that are absolu
well of course there are broad reforms that are needed but right now the ukraine is running a budget deficit of about 8% of gdp of and energy subsidy program, that costs about 8% of gdp and has to be paid for in hard currency for imported energy and current account deficit of about 8% of gdp. they're virtually out of international reserves and have big foreign debts. something has to be done in a hurry because that is simply unsustainable. so we have -- cheryl: john, this is the no the first...
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Feb 28, 2014
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some of those loopholes as a part of a compromise approach dealing with our media and the long-term deficit challenge is. so yes the president will talk about why it's so important for democrats to advance an agenda that is focused on expanding opportunities for all. and as he has and i have as well it is certainly worth noting in the contrast, and he will again tonight with an agenda that is focused on protecting the loopholes and prerogatives of the wealthiest and the well-connected and again from expanding or protecting the opportunity for a few. >> it sounds like a campaign. when you say opportunit see oppa few yesterday you were saying the chairman proposal has had some good potential to it. >> and they rallied around it. >> the president met earlier this weekend talked about immigration reform. >> obviously the president, like all republican leaders including those running for office themselves, is engaging in political events and he will be supportive in many ways a democrat either running for the reelection or office in this cycle. in the meantime that he is principally focused on a
some of those loopholes as a part of a compromise approach dealing with our media and the long-term deficit challenge is. so yes the president will talk about why it's so important for democrats to advance an agenda that is focused on expanding opportunities for all. and as he has and i have as well it is certainly worth noting in the contrast, and he will again tonight with an agenda that is focused on protecting the loopholes and prerogatives of the wealthiest and the well-connected and again...
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Feb 27, 2014
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have a car on the side of the road southbound 101 all lane are shut with a big backup and they are deficitting off at east dunn with the headlights in the northbound direction. it is a five mile backup. the other problem westbound 205 from the central valley we had an early big rig accident which now is long gone but the right lane remains closed for clean up and there is gap improvement with 45 to 50-minute drive from i-5 to the dublin/pleasanton area. >> abc7 news is the only place where you can see the oscars this sunday. we are giving away free movie tickets for a year through facebook to sell operate the academy awards. >> there are seven winners and the latest is steven from pacifica. you still have five chances to win. "like" us at facebook and you can get in touch with us. >>> we we have designs created and sent in by children across the country. they all love this. the size 42 regular features colors and schemes and styles that will benefit the nonprofit inspired by a six-year-old who is fighting brain cancer. the highest bid so far is at $3,500 and the auction choses march 8. we have
have a car on the side of the road southbound 101 all lane are shut with a big backup and they are deficitting off at east dunn with the headlights in the northbound direction. it is a five mile backup. the other problem westbound 205 from the central valley we had an early big rig accident which now is long gone but the right lane remains closed for clean up and there is gap improvement with 45 to 50-minute drive from i-5 to the dublin/pleasanton area. >> abc7 news is the only place...
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Mar 4, 2014
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some would increase the deficit. others would not. and so if we can find a way to do it where we don't increase the deficit, and i think the president will have proposals on the table to do that, that may be an area of common ground. >> ukraine, a lot going on there. are you the only person in congress born in karachi? >> no doubt about it. i'm the one american karachi caucus. >> a long line of public service in your family to state and stuff like that. can you help us? what are we supposed to be doing here with the ukraine? >> with ukraine. >> everyone knows that's important territory in the heart of europe. i think right now, we need to be working very closely. with our european allies to identify right away a whole menu of economic sanctions that we would apply in the event that the russians don't move their troops out of crimea. they can, of course, garrison on their base but they need to evacuate other parts of the crimea. we would have that in place. at the same time, we need to be working with the new government in kiev to make
some would increase the deficit. others would not. and so if we can find a way to do it where we don't increase the deficit, and i think the president will have proposals on the table to do that, that may be an area of common ground. >> ukraine, a lot going on there. are you the only person in congress born in karachi? >> no doubt about it. i'm the one american karachi caucus. >> a long line of public service in your family to state and stuff like that. can you help us? what...
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in other words, the tax will go not to reduce the deficit or debt and it will be less lending. why would we be doing that? it makes no sense. spoke with a hunt representative and i want to get your take. to 25, and you are right, 99% of taxpayers will be at 25% or less. 99% and a when i was in school. what we do that is have trade-offs. >> back to the one percent argument. does this thing stand a snowballs chance in hell passing? >> for the bank tax, i hope not, cost -- because you will have less lending. the panel that i was on, and simpson bowles, better known to the general public, we all recommended dramatic reduction rates and elimination of most exemptions, deductions, and credits. that is the only way you solve the problem. if you go at it piecemeal, whether a bank tax on mortgage interest eduction, you never get it resolved. the reality is you want to balance the budget and get the debt in line with where it ought to be. you are going to have to do very dramatic things. i am glad that conversation is starting. you are known as one of the most courageous talkers in the m
in other words, the tax will go not to reduce the deficit or debt and it will be less lending. why would we be doing that? it makes no sense. spoke with a hunt representative and i want to get your take. to 25, and you are right, 99% of taxpayers will be at 25% or less. 99% and a when i was in school. what we do that is have trade-offs. >> back to the one percent argument. does this thing stand a snowballs chance in hell passing? >> for the bank tax, i hope not, cost -- because you...
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we are reducing the budget deficit through the aca. i know our colleagues on the other side of the aisle are very careful about budget issues. good, they should be. well health care costs are declining and declining significantly. some of that is due to the recession but almost every expert says much of that is due to the aca. national health care expenditures for instance in 2012 grew by 3.7%, meaning that the growth from 2009 to 2012 was the slowest since government collected information and that was in the 60s. the percentage of health care spending for the first time, the percentage of gdp actually shrunk from 17.3 to 17.2. at the same time the solvency of medicare's hospital insurance fund decreased and costs cut. so this is great news. the bottom line, i know our colleagues on the other side of the aisle think they hit political gold when they attacked the aca and called for its appeal but the american people don't want repeal and secondly as we move on in time the positives of the aca will become more apparent. the negatives tha
we are reducing the budget deficit through the aca. i know our colleagues on the other side of the aisle are very careful about budget issues. good, they should be. well health care costs are declining and declining significantly. some of that is due to the recession but almost every expert says much of that is due to the aca. national health care expenditures for instance in 2012 grew by 3.7%, meaning that the growth from 2009 to 2012 was the slowest since government collected information and...
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Mar 3, 2014
03/14
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they have a balance and payments crisis, a fiscal deficit and they've got no money and running out of foreign currency as well. we're seeing global impact on the markets, risk-off day. russia in particular is getting hammered. their currency, stock markets, bonds, et cetera, trying to defend the interest rates by raising by 1.5%. and the commodity markets are moving. a help to russia the price of oil is up sharply today and they are one of the biggest producers of oil and they need a high oil price to keep their budget balanced. additionally we're seeing the price of grain rise sharply today because ukraine with the second largest producer of grain in the world. and if we see some kind of curtailment with the courts there, there could be an issue there though we're told that hasn't happened yet. scott, back to you. >> do you get a sense, michelle, from those that you're speaking with who sense opportunity in some of this turmoil? we talked about sovereigns, whep you were in sochi, i believe. you have to believe some investors looking at turmoil as opportunity. >> we know people who bo
they have a balance and payments crisis, a fiscal deficit and they've got no money and running out of foreign currency as well. we're seeing global impact on the markets, risk-off day. russia in particular is getting hammered. their currency, stock markets, bonds, et cetera, trying to defend the interest rates by raising by 1.5%. and the commodity markets are moving. a help to russia the price of oil is up sharply today and they are one of the biggest producers of oil and they need a high oil...
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Mar 5, 2014
03/14
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CNBC
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it's gone up so much because we've had a deficit in the market. you've had strikes in south africa. but russia is also the largest supplier of palladium, with 41% of the market. people are concerned that you're going to have at least some economic sanctions against russia. and you may not be able to get all of the palladium out. >> is most of the climb in the past few days? >> it was climbing before that. the past few days were fairly steep, though. >> and cars, really? >> the converters and what not. >> it's to play the bining, swc. it's a u.s. company. they contract out the palladium. but there is palladium in the u.s. if you look at it's had a great move. but stillwater mining. it looks like -- >> you're bearish gm. there's enough of a shortage here that that offsets. >> right. it's not like gm is going to go out of business. >> how can they do that? >> exactly. >> all right. we broadcast here out of the nasdaq market site. and today, nasdaq announced a new effort focusing on private companies. the private market is designed to help private companies to connect with buyers. joini
it's gone up so much because we've had a deficit in the market. you've had strikes in south africa. but russia is also the largest supplier of palladium, with 41% of the market. people are concerned that you're going to have at least some economic sanctions against russia. and you may not be able to get all of the palladium out. >> is most of the climb in the past few days? >> it was climbing before that. the past few days were fairly steep, though. >> and cars, really?...
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Feb 27, 2014
02/14
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i think it's more about deficit spending where they'll try to earn -- try to get janet yellen to see how far she'll go politically. greenspan a little bit more of a political animal. ben bernanke saying we'll not weigh in on that stuff and we don't know where janet yellen comes down, and saying do you know what, you need to bring down the deficits, how you do it is your problem. >> it raises questions about unemployment. that's the sticking point. that's what investors and traders want to hear from her, the whole issue of forward guidance. if you were still there, what would you recommend? how would you switch policy to get away from the 6 1/2 percent unemployment threshold? >> they've been burned. no other way to put it they've been burned on the 6.5% marker, whatever you want to call it, threshold and they'll back away from that. i would think that janet yellen would want to make maximum use of what will be a honeymoon period. i don't think that anybody is going to be going really after her hard. it's too early to do that. and there's nothing really to pin on her if you will. i thi
i think it's more about deficit spending where they'll try to earn -- try to get janet yellen to see how far she'll go politically. greenspan a little bit more of a political animal. ben bernanke saying we'll not weigh in on that stuff and we don't know where janet yellen comes down, and saying do you know what, you need to bring down the deficits, how you do it is your problem. >> it raises questions about unemployment. that's the sticking point. that's what investors and traders want to...
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Feb 26, 2014
02/14
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forex is a negative so we expect the lira, the current deficit is an issue in turkey and we expect the currency to remain weak so we have to consider that when making investment proposals, we have to assume a little bit of, not a currency strengthening anyway, probably weakening if anything and brazil is a problem for currency from that point of view and equally as a sterling uk investor we find the dollar quite cheap so we find u.s. assets quite interesting at the moment. what goes around comes around i guess. >> reporter: thank you very much for joining us. julia, that is from here. we'll be back in an hour with another interview. for now pack over to you. >> thank you, great to chat to you. >>> the bitcoin exchange mt. gox received a subpoena from prosecutors in new york, asked the company to preserve certain documents. ceo mark capellas issued a statement saying the business is at a turning point. japanese authorities are looking into the matter but don't have jurisdiction after the mt. gox website went down. >>> still to come, the british economy returns to focus as investors awai
forex is a negative so we expect the lira, the current deficit is an issue in turkey and we expect the currency to remain weak so we have to consider that when making investment proposals, we have to assume a little bit of, not a currency strengthening anyway, probably weakening if anything and brazil is a problem for currency from that point of view and equally as a sterling uk investor we find the dollar quite cheap so we find u.s. assets quite interesting at the moment. what goes around...
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Mar 5, 2014
03/14
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difficult steps need to be undertaken to right size gas prices and trim budget deficits, but ukraine should be given a long enough lease so that these necessary reforms don't strangle a nation today dealing with threats to its very existence. second cry me i can't. -- crimea. they have invaded and the very accord they signed guaranteeing crimea's territory. no doubt president putin was sore and no doubt he didn't like the fact that the united states voiced its strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships and no doubt he is infuriated that the ukrainian people are now on their way to getting their way. but this is not a schoolyard. you don't get to push around weaker kids just because you don't like them. this is the 21st century. the reason we belong to organizations like the united nations or the reason we negotiate treaties like the budapest memorandum is because we now understand, after centuries of european war, how destabilizing this kind of behavior is. the irony for russia, of course, is that this invasion demo
difficult steps need to be undertaken to right size gas prices and trim budget deficits, but ukraine should be given a long enough lease so that these necessary reforms don't strangle a nation today dealing with threats to its very existence. second cry me i can't. -- crimea. they have invaded and the very accord they signed guaranteeing crimea's territory. no doubt president putin was sore and no doubt he didn't like the fact that the united states voiced its strong support for the right of a...
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Feb 28, 2014
02/14
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how about saying that. >> well, there is a decline in the deficit, but i don't know how much of that s is due to th proceeds of fannie mae and freddie mac. >> and the fdic had a good trade in there. good trading by them. >> and we have not talked about it often enough, but we have talked about the lawsuit initiate initiated by perry and berkowitz and ackman owning the common which is up sharply, but they are way past paying them back. and the president -- >> and the president has said that the common -- >> and the third amendment is all in place meaning that all of the profits are e sweeping to the government helping the e deficit. >> it is a windfall due to the rising pricing in housing, but the president said that the common should go to the treasury and he made that statement, and the fdic knew that the preferred and the fdic made a good trade instead of a bad trade. >> and did they know something, because it seem had the fdic had incomplete information there. >> and hey, well, steve cohen h, and danny may. >> yes, and broadly jim, on the -- there is a list of 29 commodities that
how about saying that. >> well, there is a decline in the deficit, but i don't know how much of that s is due to th proceeds of fannie mae and freddie mac. >> and the fdic had a good trade in there. good trading by them. >> and we have not talked about it often enough, but we have talked about the lawsuit initiate initiated by perry and berkowitz and ackman owning the common which is up sharply, but they are way past paying them back. and the president -- >> and the...
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Feb 28, 2014
02/14
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then also because of the high level of inflation, imbalances you have because of the current account deficits, you need to keep monitoring fiscal policy quite tight. you have to be a lot deeper into the upcoming fiscal year before you see contraction growth and that has to come on the back of implementation of projects, some of the economic reform issues that have been announced since may 2012. >> so i guess may is the key if we're looking for measures like this to be introduced. do you think that's going to be a turning point for the country? >> well, i think there's a few questions about will the government get enough of the mandate and therefore be able to, on the back of that, implement policies, but that remain toes be seen. so it might not be easy for some of the incumbent parties to necessarily muster the vote they need to have. but it's true, post elections, you know, in principal we should be more a possibility to get more on the petition side of these policies, let preoccupation with elections nearing, if you will. the kick start of the investment cycle, all of that cannot be turned
then also because of the high level of inflation, imbalances you have because of the current account deficits, you need to keep monitoring fiscal policy quite tight. you have to be a lot deeper into the upcoming fiscal year before you see contraction growth and that has to come on the back of implementation of projects, some of the economic reform issues that have been announced since may 2012. >> so i guess may is the key if we're looking for measures like this to be introduced. do you...
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Mar 4, 2014
03/14
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>> oh, no, i think we realize that the deficit is going down. who wouldn't hope for that? we hope for it. it's working. but any time you look at what they're doing, it's all short term. the stuff that's going to eat our lunch is 10,000 people a day turning 65. you've got a system that was set up of social security that you won't even address the insolvency of it for 75 years. health care is on automatic pilot. forget what you call it. it's time to deal with the long-term stuff before interest goes from where it is now to back to historical heights and then watch people grab their socks and run for blocks. >> is there anything you think can be done considering that it probably won't be implemented until after the november 2014 midterms? >> anything that will be done will be done down the road. that's what's wrong with the health care plan. whatever it is is all the correction process is down the road, way ahead. and it's like a dock fix. you're going to do another dock fix and they will run in. you're going to do anything. whatever you do, whether it's tort reform or real e
>> oh, no, i think we realize that the deficit is going down. who wouldn't hope for that? we hope for it. it's working. but any time you look at what they're doing, it's all short term. the stuff that's going to eat our lunch is 10,000 people a day turning 65. you've got a system that was set up of social security that you won't even address the insolvency of it for 75 years. health care is on automatic pilot. forget what you call it. it's time to deal with the long-term stuff before...
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Feb 27, 2014
02/14
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pushing its biggest annual loss since the bailout in 2008. 15 billion-dollar deficit for last year. he calls rbs the industry's least trusted leader, does the ceo. >> the bank. the largest bailout in europe. still owns the vast majority of the bank and is still pulling the strings. >> by the way, wire pros playing in the olympics? >> that is what the nhl is asking -- the players love it. >> the players love it and flagwavers love it, i am not fair -- sure it is fair to college athletes. >> we need to go to the ukraine. we spoke with the new leadership to read good morning. >> good morning. his name is arseniy yatsenyuk, the prime minister designate. inis about it -- to be voted as the interim prime minister of the country for the next few months. parliament is still chewing over this decision. >> how front and center is crimea to the management in kiev? >> very front and center. i was standing in the parliament here in kiev. meanwhile, in the crimea, the parliament had just been seized by a group of about 100 gunmen. i asked the prime minister about that and he said it is the first
pushing its biggest annual loss since the bailout in 2008. 15 billion-dollar deficit for last year. he calls rbs the industry's least trusted leader, does the ceo. >> the bank. the largest bailout in europe. still owns the vast majority of the bank and is still pulling the strings. >> by the way, wire pros playing in the olympics? >> that is what the nhl is asking -- the players love it. >> the players love it and flagwavers love it, i am not fair -- sure it is fair to...
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230
Feb 26, 2014
02/14
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FBC
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nucleus of a mother's dna essentially from her, taking only things outside the nucleus to correct from deficits for tell burterrible illnesses to pt blindness in the third person providing that healthy dna. all the characteristics of what may be a person of than an illness are conveyed by the biological parents. i don't have a problem with that. if all you are donating is the healthy environment in which the traits that belong to two biological parents are to grow, that seems okay to me. stuart: it will be taking a bit further, won't it? you are getting designer babies. >> now allow anonymous and oregon donation. it deprives the offspring of knowing their biological parents. will not even consider this. donate or over him. so is a kid doesn't know who the dad or mom is. what o you need to know that for? it is the key to who you are spiritually, medically. stuart: i am with you all the way. i'm not sure i see a way of banning it and stopping it when it gets to that kind of situation. how do you stop that? i'm going to touch on one of your favorite subjects. social media apps. you are not a fan o
nucleus of a mother's dna essentially from her, taking only things outside the nucleus to correct from deficits for tell burterrible illnesses to pt blindness in the third person providing that healthy dna. all the characteristics of what may be a person of than an illness are conveyed by the biological parents. i don't have a problem with that. if all you are donating is the healthy environment in which the traits that belong to two biological parents are to grow, that seems okay to me....
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Feb 26, 2014
02/14
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we just lost $1.2 trillion in deficit reduction from last year's baseline to this year's baseline because of slower growth projections. we need to start getting people back to work. this tax reform, lowering tax rates one of the best ideas. just because we have a president that believes in tax redistribution and class warfare doesn't mean we shouldn't say what we think is the right way to go. >> let me ask you as an investor and capitalist and entrepreneur in this country about an idea that i think your party floated that i am really concerned about. you want to tax me 10% surcharge on my income over 450,000 and apply common income taxation to capital gains. that i can ensure you is a bad idea. i speak on behalf of everybody that puts capital in harms way to create businesses. bad idea. i hope you are not going to push that forward. >> i don't want to do things like this but when we are dealing with the code we have and trying to replace it with revenue neutral code we have to do broadening. we are talking about lowering rates across the board. i think you are talking about private equity
we just lost $1.2 trillion in deficit reduction from last year's baseline to this year's baseline because of slower growth projections. we need to start getting people back to work. this tax reform, lowering tax rates one of the best ideas. just because we have a president that believes in tax redistribution and class warfare doesn't mean we shouldn't say what we think is the right way to go. >> let me ask you as an investor and capitalist and entrepreneur in this country about an idea...
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Mar 6, 2014
03/14
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we're looking at having a deficit this year of like roughly 3% of gdp. a couple of years ago it was 10% plus. everybody thought we would never get out of those deficits. things are not static. maybe even you two -- i never thought we'd be where we are today. things are not static. >> great point. >> very quickly, guys, the model i ran this morning, it may be a double digit number, the model that i ran. which is not the most reliable number out there. the one i ran is a double digit. >> high double digits. >> how did the market react to that? double digit gains. a double digit number, not even 100,000 on the jobs report tomorrow. >> less than 100,000? >> yes. >> i think the mark set expecting probably less than 100,000, expecting high double digits versus low double digits. >> rick, what's up? >> i'd like you to ask our guest, i didn't find his explanation for the lack of productivity very good. i think if you don't get a good answer to it, you end up like japan. some of the new research i see, everybody trying to explain the 25 years of malaise, it reall
we're looking at having a deficit this year of like roughly 3% of gdp. a couple of years ago it was 10% plus. everybody thought we would never get out of those deficits. things are not static. maybe even you two -- i never thought we'd be where we are today. things are not static. >> great point. >> very quickly, guys, the model i ran this morning, it may be a double digit number, the model that i ran. which is not the most reliable number out there. the one i ran is a double digit....
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Mar 5, 2014
03/14
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because in the end, we could talk about deficits and debt. we could talk about data. but in the end, treasuries really when it gets nasty, when that tina the only -- that there is no alternative to stocks, that changes rather abruptly when stocks go down. and then tina becomes there is no alternative to being long treasuries. we want to keep cognizant of that. to the end the japanese are doing everything in their power to keep the yen weak, let's look at how all that stimulus and various ways they're trying to goose their economy have panned out. one way they've made good strides on. currently the latest reads is 3.7. now, that is the basic lowest rates since july of '07. during that interim period between '07 and now the high was 5.5. the message to this is is that the japanese may have issues for the last 25 years. but huge high unemployment certainly does not seem to be one of them but they made some inroads. base wage, recent data. this is important. base wages were only up 1/10 year over year. one of the things they're trying to do is goose inflation. if you adju
because in the end, we could talk about deficits and debt. we could talk about data. but in the end, treasuries really when it gets nasty, when that tina the only -- that there is no alternative to stocks, that changes rather abruptly when stocks go down. and then tina becomes there is no alternative to being long treasuries. we want to keep cognizant of that. to the end the japanese are doing everything in their power to keep the yen weak, let's look at how all that stimulus and various ways...